<SEC-DOCUMENT>0000919574-22-001710.txt : 20220217
<SEC-HEADER>0000919574-22-001710.hdr.sgml : 20220217
<ACCEPTANCE-DATETIME>20220217185423
ACCESSION NUMBER:		0000919574-22-001710
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220215
FILED AS OF DATE:		20220217
DATE AS OF CHANGE:		20220217

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Manchester Explorer, L.P.
		CENTRAL INDEX KEY:			0001411524
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41277
		FILM NUMBER:		22650143

	BUSINESS ADDRESS:	
		STREET 1:		MANCHESTER MANAGEMENT COMPANY, L.L.C
		STREET 2:		3 WEST HILL PLACE
		CITY:			Boston
		STATE:			ma
		ZIP:			02114
		BUSINESS PHONE:		617-399-1740

	MAIL ADDRESS:	
		STREET 1:		MANCHESTER MANAGEMENT COMPANY, L.L.C
		STREET 2:		3 WEST HILL PLACE
		CITY:			Boston
		STATE:			ma
		ZIP:			02114

	FORMER NAME:	
		FORMER CONFORMED NAME:	Manchester Explorer LP
		DATE OF NAME CHANGE:	20070904

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MANCHESTER MANAGEMENT CO LLC
		CENTRAL INDEX KEY:			0001169253

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41277
		FILM NUMBER:		22650144

	BUSINESS ADDRESS:	
		STREET 1:		3 WEST HILL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6178568995

	MAIL ADDRESS:	
		STREET 1:		3 WEST HILL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MANCHESTER MANAGEMENT PR, LLC
		CENTRAL INDEX KEY:			0001735534
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41277
		FILM NUMBER:		22650140

	BUSINESS ADDRESS:	
		STREET 1:		3 WEST HILL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114
		BUSINESS PHONE:		617-399-1740

	MAIL ADDRESS:	
		STREET 1:		3 WEST HILL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BESSER JAMES E
		CENTRAL INDEX KEY:			0001512127

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41277
		FILM NUMBER:		22650141

	MAIL ADDRESS:	
		STREET 1:		3 WEST HILL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FRANK MORGAN C.
		CENTRAL INDEX KEY:			0001593072

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41277
		FILM NUMBER:		22650142

	MAIL ADDRESS:	
		STREET 1:		2 CALLE NAIRN
		STREET 2:		UNIT 701
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00907

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Modular Medical, Inc.
		CENTRAL INDEX KEY:			0001074871
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				870620495
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		16772 WEST BERNARDO DRIVE
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92127
		BUSINESS PHONE:		858-800-3500

	MAIL ADDRESS:	
		STREET 1:		16772 WEST BERNARDO DRIVE
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92127

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BEAR LAKE RECREATION INC
		DATE OF NAME CHANGE:	19981208
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>ownership.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2022-02-15</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001074871</issuerCik>
        <issuerName>Modular Medical, Inc.</issuerName>
        <issuerTradingSymbol>MODD</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001169253</rptOwnerCik>
            <rptOwnerName>MANCHESTER MANAGEMENT CO LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3 WEST HILL PLACE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02110</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Director by Deputization</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001411524</rptOwnerCik>
            <rptOwnerName>Manchester Explorer, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2 CALLE CANDINA, #1701</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN JUAN</rptOwnerCity>
            <rptOwnerState>PR</rptOwnerState>
            <rptOwnerZipCode>00907</rptOwnerZipCode>
            <rptOwnerStateDescription>PUERTO RICO</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001593072</rptOwnerCik>
            <rptOwnerName>FRANK MORGAN C.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2 CALLE CANDINA, #1701</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN JUAN</rptOwnerCity>
            <rptOwnerState>PR</rptOwnerState>
            <rptOwnerZipCode>00907</rptOwnerZipCode>
            <rptOwnerStateDescription>PUERTO RICO</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001512127</rptOwnerCik>
            <rptOwnerName>BESSER JAMES E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2 CALLE CANDINA, #1701</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN JUAN</rptOwnerCity>
            <rptOwnerState>PR</rptOwnerState>
            <rptOwnerZipCode>00907</rptOwnerZipCode>
            <rptOwnerStateDescription>PUERTO RICO</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001735534</rptOwnerCik>
            <rptOwnerName>MANCHESTER MANAGEMENT PR, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2 CALLE CANDINA, #1701</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN JUAN</rptOwnerCity>
            <rptOwnerState>PR</rptOwnerState>
            <rptOwnerZipCode>00907</rptOwnerZipCode>
            <rptOwnerStateDescription>PUERTO RICO</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.001 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2022-02-15</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>234274</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2218077</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>see footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, par value $0.001 per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>317473</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>see footnote</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, par value $0.001 per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>124750</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F4"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, par value $0.001 per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>60277</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F5"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Convertible Promissory Note</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2022-02-15</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>1000000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, par value $0.001 per share; Warrant</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <footnoteId id="F1"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>see footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock Purchase Warrant</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>6.60</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2022-02-15</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>234274</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2022-02-14</value>
            </exerciseDate>
            <expirationDate>
                <value>2027-02-14</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, par value $0.001 per share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>234274</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>234274</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>see footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeHolding>
            <securityTitle>
                <value>Common Stock Purchase Warrant</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>6.60</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2022-02-10</value>
            </exerciseDate>
            <expirationDate>
                <value>2027-02-10</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, par value $0.001 per share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>300000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>300000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>see footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Common Stock Purchase Warrant</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>8.61</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2022-02-06</value>
            </exerciseDate>
            <expirationDate>
                <value>2027-02-06</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, par value $0.001 per share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <footnoteId id="F6"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>119237</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>see footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The reported securities were obtained due to the conversion of a Convertible Promissory Note (the &quot;Note&quot;). The Note was convertible into an equal amounts of shares of Common Stock, par value $0.001 per share and Common Stock Purchase Warrants at a conversion price equal to the sum of principal and accrued interest multiplied by 1.25. The principal amount of the Note was $1,026,630 and the Note had accrued $97,881 of interest. The total principal and interest was then multiplied by 1.25 resulting in a conversion value of $1,405,639. This translated to 234,274 shares of Common Stock, par value $0.001 per share and 234,274 Common Stock Purchase Warrants based upon a $6.00 purchase price. The foregoing description of the Note does not purport to be complete and is subject to and qualified in its entirety by reference to the Form of Convertible Promissory Note included as Exhibit 10.21 of the Issuer's 8-K filed on May 12, 2021, which is incorporated by reference.</footnote>
        <footnote id="F2">The reported securities are owned directly by Manchester Explorer, L.P. (&quot;Explorer&quot;) and may be deemed to be indirectly beneficially owned by (i) Manchester Management, the general partner of Explorer, (ii) Manchester Management PR, LLC (&quot;Manchester PR&quot;), the investment adviser to Manchester Management, (iii) James E. Besser, the managing member of Manchester Management and Manchester PR, and (iv) Morgan Frank, who serves as a portfolio manager and as a consultant for Explorer. The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that the Reporting Persons are the beneficial owners of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.</footnote>
        <footnote id="F3">The reported securities are owned directly by JEB Partners, L.P. (&quot;JEB Partners&quot;) and may be deemed to be indirectly beneficially owned by (i) Manchester Management, the general partner of JEB Partners, (ii) Manchester PR, the investment adviser to Manchester Management, and (iii) James E. Besser, the managing member of Manchester Management and Manchester PR. The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that the Reporting Persons are the beneficial owners of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.</footnote>
        <footnote id="F4">The reported securities are directly owned by James E. Besser in his personal capacity.</footnote>
        <footnote id="F5">The reported securities are directly owned by Morgan C. Frank in his personal capacity.</footnote>
        <footnote id="F6">This amount of reported securities has been adjusted from 126,391 to 119,237 to accurately reflect the number of Warrants held by Explorer. The foregoing description of the Warrant does not purport to be complete and is subject to and qualified in its entirety by reference to the Form of Common Stock Purchase Warrant included as Exhibit 10.22 of the Issuer's 8-K filed on May 12, 2021, which is incorporated by reference.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Manchester Explorer, L.P. By: /s/ James E. Besser, Managing Member of the General Partner</signatureName>
        <signatureDate>2022-02-17</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Manchester Management Company, LLC By: /s/ James E. Besser, Managing Member</signatureName>
        <signatureDate>2022-02-17</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Morgan C. Frank By: /s/ Morgan C. Frank</signatureName>
        <signatureDate>2022-02-17</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>James E. Besser By: /s/ James E. Besser</signatureName>
        <signatureDate>2022-02-17</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Manchester Management PR, LLC By: /s/ James E. Besser, Managing Member</signatureName>
        <signatureDate>2022-02-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
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</SEC-DOCUMENT>
